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Share reconstruction: NGX lifts suspension on AXA Mansard shares

The Nigerian Exchange Limited (NGX) has lifted suspension placed on the trading in the shares of AXA Mansard following the completion of the share capital reconstruction.

 

A statement obtained from the NGX weekly report said: “We refer to our market bulletin of 9 September 2021 with reference number: NGXREG/ LRD/MB36/21/09/09, wherein the market was notified that trading in the shares of AXA Mansard Insurance Plc was placed on full suspension effective Thursday, September 9, 2021 as a result of the company’s proposed share capital reconstruction.

 

“Trading License Holders and the investing public are hereby notified that the full suspension placed on trading in the company’s shares was lifted on Monday, September 27, 2021 following the completion of the share capital reconstruction.

“Consequent to the completion of the share reconstruction exercise, AXA Mansard’s entire issued share capital of 36,000,000,000 ordinary shares of 50 Kobo each at 83 Kobo per share was delisted from the Daily Official List of Nigerian Exchange Limited (NGX) while the 9,000,000,000 ordinary shares of N2.00 each at N3.32 per share arising from the share capital reconstruction were listed on NGX’s Daily Official List on the same day.

 

“With the completion of the company’s share capital reconstruction, the total issued and fully paid up shares of AXA Mansard Insurance Plc has now reduced from 36,000,000,000 ordinary shares  of 50 Kobo each to 9,000,000,000 ordinary shares of N2.00 each.”

 

AXA-Mansard posted a profit after tax of N2.148 billion for the half year ended June 30, 2021 as against N3.191 billion in 2020, representing a drop of 32.68 per cent. Profit before tax was down by 28.15 per cent from N4.401 billion in 2020 to N3.162 billion in 2021.

 

However, the company’s gross written premium grew by 21.73 per cent to N37.181 billion as against N30.543 billion in 2020. Claims expenses stood at N12.300 billion during the period under review, from N10.245 billion in 2020.

 

AXA Mansard recently announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.

This is part of the insurance firm’s plan to focus on and grow its insurance businesses  across all parts of the country.

 

This disclosure was made in a notification that was sent to the Nigerian Stock Exchange (NSE) on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi. AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process.

 

AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.

 

The statement from AXA Mansard Insurance reads: ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited

 

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